Agrify Corporation (NASDAQ:AGFY) announced on Tuesday that it has signed a $500 000 turnkey hydrocarbon extraction and lab equipment package with Grotech Farms LLC, an annual licensed cannabis operator founded by Miriam Porter and partners.
What Happened
Grotech Farms has bought Agrify's Turnkey PX10 Hydrocarbon Extraction and Lab Equipment Package, which includes the following:
- A PX10 Hydrocarbon Extractor;
- Cascade Sciences Vacuum Ovens;
- A 10L Decarboxylation Package;
- Diamond-Miners; and
- A Short-Path Distillation System.
See also: Cannabis Tech Firm Agrify Significantly Cuts Loss, But Also Sees Revenue Decline
Why It Matters
Grotech Farms will be creating a wide range of craft concentrates, live resin and distillate to introduce to New Jersey.
"It's fantastic to see the continuous adoption of Agrify's extraction technologies in the Garden State," said Raymond Chang, chairman and CEO of Agrify. "We are thrilled to be part of the process of creating high-quality extracts as a form of plant medicine in partnership with a company that is rooted in quality."
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Additionally, Grotech Farms has bought Agrify's UL-Compliant C1D1 Explosion Proof Room to operate and extract quality products in.
Agrify's C1D1/C1D2 extraction rooms are designed to be set up in less than one day and are equipped with a PSI technical report certification for professional engineers to field verify nationwide.
What's Next
"We have years of experience working with Precision Extraction equipment and we see them as a perfect fit for our toll processing operation to come online in the very near future," said Miriam Porter, CEO at Grotech Farms. "We have been really pleased with their equipment and are looking forward to bringing extraction-based products to the New Jersey market."
AGFY Price Action
Agrify's shares traded 1.41% lower at $0.2799 per share during the pre-market session on Tuesday morning.
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